The present invention comprises a process for the production of fine powder materials and the products of that process. The process involves the in-situ precipitation of second phase particles, such as ceramics or intermetallics, within a solvent metal matrix, followed by the dissolution or other removal of the matrix and recovery of the second phase particles. Exemplary of second phase particles formed by this process are ceramics such as metal carbides, borides, nitrides, oxides and silicides.